Gang duping people with foreign exchange busted in Hyderabad

The Special Operations Team caught four members of the gang

A Kerala-based gang duping people with Brazil currency notes claiming that the latter can exchange it for higher rates in Indian currency was nabbed by the Cyberabad police on Friday.

The Special Operations Team caught four members of the gang, Prem Chandra, 35, and Haneef, 30, both from Kerala and V. Balaji Reddy, 52, a civil engineer from West Godavari district and Ch. Krishnam Raju, 24, a computer salesman. Brazil currency (Real) notes 1,62,450 equivalent to Rs. 50 lakh Indian currency were seized from them, SOT Additional DCP K. Goverdhan Reddy said at a press conference.

Kareem of Kerala, who was believed to have supplied ‘Reals’ to the gang, was at large. “We’re verifying if Kareem has links with any foreigners or banned outfits,” Mr. Reddy said. Police believe Kareem was the kingpin in the racket as the arrested maintained that he was procuring the foreign currency notes through different sources.

Members of the gang would approach individuals stating that they were well connected with foreign currency exchange agents and managed to secure ‘Reals’ for less than half the original rate. “Find some one requiring Brazil currency or currency exchange agents and offer them these ‘Reals’. You can make money overnight,” they would tell the gullible persons.

Actually, no civilian is permitted to exchange the Brazil currency. Hoping to make a profit, some people had even paid in Indian currency to this gang only to realise that ‘Reals’ cannot be exchanged!

Slideshow

Preparation for celebrating the Festival of Colours - Holi is in full swing with small-time vendors and in Begum Bazar and others areas in Hyderabad stocking materials like colours and Chinese sprayers. Photos: Mohammed Yousuf.